What are the most common mistakes made when Setting Up an offline wallet.
Disconnecting the network cable on a computer that was online and thinking it makes it secure to create a wallet on!
You'll need a clean system that is air-gapped to create a secure wallet. A system that was already connected to the internet should be considered already-compromised.
For example, if you have an air gapped signing machine you will need to send unsigned and signed transactions to your online watch only wallet. This can cause issues when verifying addresses if you dont understand the process.
What do experienced users do?
It is not that complicated to verify the addresses. The input (addresses) as well as change address belong to your own wallet and the wallet software should highlight them already to make it easier to visually detect them. The other address(es) can be verified by checking first, middle and last handful of characters.
What security measures would you implement to ensure the wallet is secure and you can store valuable funds in it?
Do you favour using a hardware wallet, air gapped computer, multi-signature or any combination of these?
The most important thing is to learn the correct way of doing each of these. I already pointed out the fallacy of believing your previously online system is safe just by removing the network cable. Another thing is about multi-sigs, the common mistake is that people create all keys on the same machine and store all of them in the same place and use them in the same place too and think they are "more" secure because of that. That is wrong. The keys need to be created, stored and used completely separately to provide that additional security.